| Long-Term Debt / Note payable |
Notes Payable
consists of the following:
|
|
|
|
|
|
|
|
|
| |
|
March 31,
2013
(unaudited)
|
|
|
December 31,
2012
|
|
|
Revenue Interest Purchase
Agreement with PDL for aggregate of $20,800,000 with amounts
payable monthly at 9.95% of Net Revenues through September 2014;
and the greater of (i) 9.95% of product revenue or
(ii) specific quarterly amounts varying from approximately
$1.3 million to $2.5 million per quarter through September 2020.
The minimum annual payment amounts are as follows: 2014 -
$1,250,805, 2015 - $6,781,440, 2016 - $9,232,642, 2017 and 2018 -
$9,000,000, 2019 - $9,063,000 and 2020 - $6,939,000.
|
|
$ |
22,438,404 |
|
|
$ |
21,580,252 |
|
|
|
|
|
|
|
|
|
|
|
Long-term Notes
Payable
|
|
$ |
22,438,404 |
|
|
$ |
21,580,252 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt / note
payable consists of the following:
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2012 |
|
|
December 31,
2011 |
|
|
Loan and Security
Agreement with financial institutions for aggregate of $5,000,000
with 9.9% interest payable monthly through September 2012;
principal and interest payable monthly for the 30 months thereafter
maturing on April 1, 2015, collateralized by all the assets of
the Company and subject to certain financial covenant restrictions
including minimum revenue requirements
|
|
$ |
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
Revenue Interest Purchase
Agreement with PDL for aggregate of $20,800,000 with amounts
payable monthly at 9.95% of Net Revenues through September 2014;
and the greater of (i) 9.95% of product revenue or
(ii) specific quarterly amounts varying from approximately
$1.3 million to $2.5 million per quarter through September 2020.
The minimum annual payment amounts are as follows: 2014 -
$1,250,805, 2015 - $6,781,440, 2016 - $9,232,642, 2017 and 2018 -
$9,000,000, 2019 - $9,063,000 and 2020 - $6,939,000.
|
|
|
21,580,252 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
21,580,252 |
|
|
|
5,000,000 |
|
|
Less unamortized debt
discount
|
|
|
— |
|
|
|
(161,529 |
) |
|
Less current
portion
|
|
|
— |
|
|
|
(434,734 |
) |
|
|
|
|
|
|
|
|
|
|
Long-term
portion
|
|
$ |
21,580,252 |
|
|
$ |
4,403,737 |
|
|
|